India unlikely to achieve $200 bn export target: Scindia

New Delhi: India is unlikely to achieve the $200 billion export target this fiscal due to the continuing global financial crisis, the Rajya Sabha was informed today.

“On account of continuing global financial crisis and economic slowdown of developed economies, the target of $200 billion is unlikely to be achieved,” minister of state for commerce and industry Jyotiraditya Scindia said in a written reply to a question in Rajya Sabha.

The government had fixed the target of $200 billion of exports for the current fiscal while announcing the interim trade policy in February.

He said the government and the Reserve Bank are monitoring both the domestic and international economic developments.

India’s exports has been on a downslide since October 2008 due to the demand recession in its key markets of the US and Europe. The US and Europe accounts for the bulk of India’s merchandise exports.

After growing at 31.3% in the first half of 2008-09, exports plunged by 22.3% in the remaining six months. For the fiscal exports were $168.7 billion, a flat growth of 3.5%.

The government has announced several sops like interest subsidy to promote exports.